SYS Technologies Acquires Polexis
San Diego, CA – April 1, 2004 – SYS Technologies (“SYS”) (OTCBB:SYYS), a provider of systems engineering and management services, today announced that it has acquired Polexis, Inc., a privately held, San Diego-based provider of advanced data management software, for approximately $6 million in cash, stock, notes, and assumption of debt.
Polexis, a provider of advanced data management software in support of enterprise operations and mission-critical decision making, recorded revenues of approximately $8 million for the twelve months ending June 30, 2003. Polexis, whose primary customer is the Department of Defense (DOD), provides the DOD with information tools that transform time-critical and rapidly changing data into information delivered to decision makers. Polexis solutions offer customers real-time access to and analysis of vital information, improving the speed and effectiveness of operations.
Cliff Cooke, Chief Executive Officer of SYS Technologies, said, “The acquisition of Polexis broadens SYS Technologies’ capabilities that can be offered to its government customers. Polexis’ state-of-the-art Java-based software development capability fills a void in our overall system engineering capability. The company’s Extensible Information Systems (XIS) product is a real-time information integration platform that empowers developers to quickly and efficiently integrate disparate data sources together, apply business rules and processes, and interface to legacy or future applications.”
Mr. Cooke continued, “Rich Kadel, CEO of Polexis, and his team will provide the capability for SYS to move forward on many of the ideas and concepts to rapidly fuse disparate information and make it available to battle field commanders. We expect Polexis to be accretive to earnings.”
Kadel said, “Our team is excited to have the opportunity to contribute our expertise to SYS Technologies’ team of problem solvers. We expect to continue to provide quality support to our current customers and also utilize the collective capabilities to support the customer base of both SYS and Polexis. We also now have the resources to pursue new opportunities that were previously unavailable to us as a small company.”
Ken Regan, Sr. Vice President of SYS’ Integrated Information Solutions Division said that “the integration of the SYS Technologies ‘Top-Vu’ situational awareness tool with ‘XIS’ real time data management system will provide our customers a complete data visualization decision making and analysis system.”